60th Anniversary of Jeonggyeongryeon, Hosting Photo Exhibition and Entrepreneurship Forum

[Asia Economy Reporter Su-yeon Woo] The Federation of Korean Industries (FKI) held a photo exhibition and an entrepreneurship forum on the 14th to celebrate its 60th anniversary.

On this day, FKI held the unveiling ceremony of the 60th anniversary photo exhibition and the Korea Entrepreneurship Renaissance Forum at the FKI building. The photo exhibition was prepared to reflect on the history of FKI and the footsteps of entrepreneurs who contributed to building the Korean economy so far, and it will be open to the public free of charge in the lobby on the first floor of the FKI building until the 29th of this month.

The unveiling ceremony was attended by key figures from the National Assembly and the business community, including Lee Jun-seok, leader of the People Power Party; Yoon Jae-ok, chairman of the National Assembly's Political Affairs Committee; Park Dae-chul, chairman of the National Assembly's Environment and Labor Committee; Kim Jun, chairman of Kyungbang; Lee Young-kwan, chairman of Toray Advanced Materials; Eom Dae-sik, chairman of Dong-A ST; Geum Chun-su, vice chairman of Hanwha; and Park Geun-hee, vice chairman of CJ. The photo exhibition features about 150 photos owned by FKI, themed by decades: ▲Starting in the 1960s ▲Challenges in the 1970s ▲Leap in the 1980s ▲Overcoming in the 1990s ▲Prosperity in the 2000s ▲Innovation in the 2010s, showcasing former key chairmen, entrepreneurs, and FKI activities.

Huh Chang-soo, chairman of FKI, said, "The photos filled with the passion and intensity of the business community at that time will serve as an opportunity to renew our determination for the future," and emphasized, "As FKI is a cradle of entrepreneurs armed with entrepreneurial spirit, we will continue to support free business activities in the economy and do our utmost to build a prosperous Republic of Korea."

Meanwhile, the 'Korea Entrepreneurship Renaissance Forum,' held from 2:30 p.m. on the same day, was jointly hosted by FKI, the Korean Academic Society of Business Administration, and the Korea Venture Business Association. Park Young-ryeol, president of the Korean Academic Society of Business Administration, who gave the keynote lecture on entrepreneurship that will illuminate the next 60 years of the Korean economy, presented recent research results from the academic society in four areas: ▲Startups and Korea's economic development ▲Corporate entrepreneurship ▲International comparison of startup ecosystems ▲Entrepreneurship in the new normal era.

Summary of Proposals for an Entrepreneurship Renaissance / Source: Federation of Korean Industries, Korean Academy of Management

President Park emphasized that for the development of Korea's startup ecosystem, it is necessary to reduce the proportion of livelihood-type self-employed people in the mid to long term and increase labor market flexibility. He pointed out that the phenomenon of repeated startups and closures concentrated in specific service sectors such as accommodation and food service can hinder productivity improvement and innovation and increase welfare fiscal burdens.

He also stated that as convergence between different industries becomes more active, it is necessary to abolish regulations that hinder this and apply a negative regulation approach to new business models. He mentioned that various regulations created based on traditional industry standards in the past can act as obstacles to companies' innovation efforts.

In a special discussion chaired by Kwon Tae-shin, vice chairman of FKI, discussions continued on the 'Conditions for an Entrepreneurship Renaissance.' Experts agreed on the importance of education to foster entrepreneurship, along with easing various regulations and conflicts that suppress business activities.

Vice Chairman Kwon said, "To respond to the technological paradigm shift accelerated by COVID-19 and solve low growth, it is urgent to create a business environment where entrepreneurship can flourish," and criticized, "Despite the urgent need to amend laws that shackle entrepreneurs, the government and National Assembly are regressing by passing the Serious Accident Punishment Act, which significantly strengthens penalties on managers, along with the Commercial Act, Fair Trade Act, and Labor Act all at once."

Han Jeong-hwa, director of the Asan Nanum Foundation, evaluated, "Our country has a high proportion of livelihood-type startups and a low proportion of opportunity-type startups," and emphasized, "The government must play a good mediator role to reduce complaints from existing businesses while not hindering the activation of innovative startups amid conflicts between innovative startups and existing industries."

Cho Jun-hee, president of the Korea Software Industry Association, said, "The government should create an environment where IT talents can enter the right place through education for non-majors or industry transition," and added, "With the Fourth Industrial Revolution and rapid technological advancements, many venture companies are emerging, so it is necessary to create an environment where systematic entrepreneurship education programs can be experienced even before starting a business."

Park Young-ryeol, president of the Korean Academic Society of Business Administration, also mentioned, "Various regulations that recently discourage entrepreneurs' business activities are widespread, but a culture that praises entrepreneurs rather than regulates them should be fostered so that entrepreneurship can be fully demonstrated."

This content was produced with the assistance of AI translation services.